C 
1.97
+1.03%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥380.0m
FY2016FY2025
Net income
−CN¥3.8m
FY2016FY2025
Free cash flow
−CN¥90.5m
FY2016FY2025
Shareholders' equity
CN¥311.4m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥380.0m | CN¥191.9m | CN¥150.8m | CN¥156.2m | CN¥155.5m | CN¥334.3m | CN¥353.5m | CN¥566.1m | CN¥1.03bn | CN¥813.4m |
| Gross profit | CN¥101.3m | CN¥64.9m | CN¥53.8m | CN¥46.6m | CN¥46.8m | CN¥106.8m | CN¥22.2m | −CN¥67.3m | CN¥284.6m | CN¥227.2m |
| Research and development | CN¥11.7m | CN¥4.5m | CN¥15.5m | CN¥23.9m | CN¥13.0m | CN¥17.7m | CN¥27.5m | CN¥41.2m | CN¥44.7m | CN¥42.6m |
| Operating income | CN¥15.8m | −CN¥29.0m | −CN¥16.7m | CN¥32.2m | −CN¥167.8m | CN¥36.7m | −CN¥472.7m | −CN¥853.3m | CN¥56.4m | CN¥26.0m |
| Net income | −CN¥3.8m | −CN¥31.0m | −CN¥13.1m | CN¥24.6m | −CN¥173.2m | CN¥43.6m | −CN¥601.4m | −CN¥834.0m | CN¥55.9m | CN¥40.5m |
| Diluted earnings per share | -0.00 | -0.03 | -0.01 | 0.02 | -0.08 | 0.11 | -0.76 | -1.20 | 0.11 | 0.08 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥820.1m | CN¥612.0m | CN¥529.3m | CN¥742.4m | CN¥562.1m | CN¥674.3m | CN¥668.4m | CN¥1.59bn | CN¥2.21bn | CN¥1.68bn |
| Cash and short-term investments | — | CN¥102.3m | CN¥74.2m | CN¥289.4m | CN¥57.7m | CN¥38.8m | CN¥96.8m | CN¥151.0m | CN¥173.8m | CN¥457.0m |
| Total liabilities | CN¥566.1m | CN¥396.2m | CN¥270.0m | CN¥475.1m | CN¥767.0m | CN¥718.1m | CN¥827.4m | CN¥1.14bn | CN¥1.16bn | CN¥653.6m |
| Debt | — | CN¥34.9m | CN¥511,642 | CN¥7.1m | CN¥330.5m | CN¥331.6m | CN¥331.1m | CN¥537.1m | CN¥720.6m | CN¥359.6m |
| Shareholders' equity | CN¥311.4m | CN¥289.9m | CN¥318.0m | CN¥324.2m | −CN¥153.2m | CN¥6.8m | −CN¥108.3m | CN¥490.4m | CN¥1.06bn | CN¥1.01bn |
| Shares outstanding | 1,214m | 895m | 1,922m | 1,115m | 2,044m | 385m | 788m | 697m | 518m | 500m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥44.2m | CN¥7.0m | −CN¥4.1m | −CN¥183.2m | −CN¥11.0m | CN¥17.6m | CN¥5.6m | −CN¥6.0m | −CN¥468.8m | CN¥3.7m |
| Capital spending | −CN¥46.3m | −CN¥14.5m | −CN¥9.8m | −CN¥3.4m | −CN¥1.7m | −CN¥8.2m | −CN¥4.6m | −CN¥11.2m | −CN¥28.8m | −CN¥36.8m |
| Free cash flow | −CN¥90.5m | −CN¥7.4m | −CN¥13.9m | −CN¥186.5m | −CN¥12.6m | CN¥9.5m | CN¥917,548 | −CN¥17.2m | −CN¥497.6m | −CN¥33.1m |
| Dividends paid | −CN¥508,352 | −CN¥776,006 | −CN¥127,341 | −CN¥290,229 | −CN¥3.8m | −CN¥232,489 | −CN¥13.5m | −CN¥52.3m | −CN¥38.9m | −CN¥37.6m |
Latest quarters
By quarter end
| Sept 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥93.4m | CN¥109.8m | CN¥109.4m | CN¥211.3m | CN¥75.7m | CN¥46.3m | CN¥46.7m | CN¥67.9m |
| Gross profit | CN¥17.4m | CN¥14.1m | CN¥12.1m | CN¥47.0m | CN¥21.7m | CN¥14.8m | CN¥17.7m | CN¥18.5m |
| Operating income | −CN¥4.2m | −CN¥11.0m | −CN¥6.8m | CN¥19.4m | −CN¥3.3m | −CN¥2.7m | −CN¥1.0m | −CN¥23.9m |
| Net income | −CN¥1.9m | −CN¥8.9m | −CN¥7.0m | −CN¥7.0m | CN¥5.9m | −CN¥1.4m | −CN¥1.2m | −CN¥28.9m |
| Diluted earnings per share | -0.00 | -0.01 | -0.01 | -0.01 | 0.00 | -0.00 | -0.00 | -0.03 |
| Cash from operations | — | — | — | — | −CN¥20.0m | CN¥6.0m | −CN¥9.0m | — |
| Capital spending | −CN¥2.0m | −CN¥2.0m | −CN¥4.0m | −CN¥27.0m | −CN¥13.0m | −CN¥5.0m | — | −CN¥5.0m |
| Free cash flow | — | — | — | — | −CN¥33.0m | CN¥1.0m | — | — |
| Total assets | CN¥865.5m | CN¥863.5m | CN¥863.5m | CN¥820.1m | CN¥646.2m | CN¥609.1m | CN¥638.3m | CN¥612.0m |
| Cash and short-term investments | — | — | — | — | CN¥61.6m | CN¥87.8m | CN¥92.4m | CN¥102.3m |
| Debt | — | — | — | — | CN¥6.2m | CN¥63.3m | CN¥23.0m | CN¥13.1m |
| Shareholders' equity | CN¥293.8m | CN¥295.6m | CN¥304.4m | CN¥311.4m | CN¥315.1m | CN¥289.6m | CN¥289.7m | CN¥289.9m |
Financial ratios
Data as of 28 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 26.7% | 33.8% | 35.7% | 29.8% | 30.1% | 32.0% | — |
| Operating margin | -0.7% | -15.7% | -6.9% | 36.6% | -73.8% | 25.6% | — |
| Net margin | -1.0% | -16.1% | -8.7% | 15.8% | -111.4% | 13.0% | — |
| Return on equity | -1.2% | -10.7% | -4.1% | 7.6% | 113.0% | 644.0% | — |
| Return on assets | -0.5% | -5.1% | -2.5% | 3.3% | -30.8% | 6.5% | — |
| Free cash flow yield | 0.1% | 1.2% | 0.1% | -7.8% | -0.2% | 3.3% | — |
| Revenue growth | 98.0% | 27.2% | -3.4% | 0.4% | -53.5% | -5.4% | — |
| Earnings growth | -87.6% | 136.4% | -153.2% | -114.2% | -497.3% | -107.2% | — |
| Current ratio | 1.13x | 1.28x | 1.25x | 1.19x | 0.35x | 0.41x | — |
| Debt to equity | — | 0.05x | 0.01x | 0.01x | -2.16x | 48.99x | -2.96x |
| Equity ratio | 38.0% | 47.4% | 60.1% | 43.7% | -27.3% | 1.0% | — |
| Interest coverage | -0.77x | -12.69x | -5.27x | 1.53x | -1.92x | 2.10x | — |
| R&D as a share of sales | 3.1% | 2.3% | 10.3% | 15.3% | 8.3% | 5.3% | — |
| Buybacks as a share of market value | -35.7% | 53.5% | -72.5% | 45.5% | -431.3% | 51.1% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 34.5% | 2.6% | -7.2% |
| Operating income | -21.1% | -15.5% | -11.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 29.1% | 30.3% | 30.7% | 22.3% |
| Operating margin | -2.3% | 0.2% | -9.4% | -26.8% |
| Net margin | -6.1% | -2.7% | -11.2% | -29.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -637.9 | -69.3 | -327.1 | 110.0 | -18.8 | 13.6 | -2.8 | -2.3 | 44.3 | 71.7 |
| Price to sales | 6.5 | 11.2 | 28.4 | 17.4 | 21.0 | 1.8 | 4.7 | 3.3 | 2.4 | 3.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 1 Jun 2017.
| FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | FY2007 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.015 | 0.035 | 0.027 | 0.017 | 0.05 | 0.033 | 0.033 | 0.019 |
- 1.166-for-1 split · 21 Dec 2022
- 2-for-1 split · 1 Jun 2017
- 9-for-5 split · 23 Apr 2007
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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